Thailand’s second largest bank joins with Vietnam to support startups

Kasikornbank, Thailand’s second largest bank, will cooperate with the Vietnam Business Startup Support Center (BSSC) to help startups from both countries implement open plans. Wide operation in the area.

According to the Memorandum of Understanding signed in May, BSSC will support Thai startups to expand their operations in Vietnam, where startups are booming, especially in fintech and e-commerce. .

Sharing with the Nikkei Asian Review, Ms. Nguyen Thi Dieu Hang, deputy director of BSSC, said the center will help Thai businesses understand more about traditional culture, politics of Vietnam as well as the operation of businesses. Vietnam. BSSC can help them find Vietnamese partners and provide legal support, with the aim of creating unicorn startups (startups worth US $ 1 billion) or more, of both Vietnam and Thailand.

Ms. Nguyen Thi Dieu Hang, deputy director of BSSC.

Photo: BSSC.

Currently Thailand has not had a unicorn startup, while Vietnam has only one company, VNG Corporation.

Since 2016, Vietnam has invested heavily in the startup ecosystem, including the effort to build telecommunications infrastructure and the willingness to welcome foreign investment in the public sector. high technology. The internet penetration rate in Vietnam is now up to 52% (in Thailand is only 42%), making our country a very favorable environment for fintech startups as well as other technologies.

In 2018, capital inflows into Vietnamese startups reached US $ 889 million, nearly tripling compared to US $ 291 million in 2017, according to a report by Topica Founder Institute.

Ms Hang said it is still too early to name Vietnamese or Thai startups with plans to expand across borders. However, there are already companies that are eligible to become potential candidates thanks to very strong demand in a number of areas such as fintech, e-commerce, traveltech (technology applications in travel services) and edutech (technology in education).

In addition to BSSC, the Government has also set up a project called Silicon Valley Ecosystem to support Vietnamese startups.

Tu Anh
* Source: Economic life


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